Managers Are Overconfident, Debt Financing And Corporate Value Research

With the development of behavioral finance,enterprises are constantly strengthening in management,and there is some managers overconfidence behavior,has formed some negative influences of corporate financial decision-making.this paper analysis the relationships between the enterprise managers overconfidence and business value on the enterprise value point of view.In view of the existence of this psychological characteristics of business managers,the current academic is no conclusion about what way to influence of corporate value.In the study of debt financing decision-making on the impact of corporate value from the debt financing level or debt financing period structure on only one hand,and from the existing literature analysis,through excessive self-confidence measurement,to find its value for the enterprise favorable and unfavorable aspects.Now,whether it is domestic literature or foreign literature,business managers overconfident alternative indicators are looking for all the time,but in the measurement of indicators has not been effectively expanded.This article has formed a more comprehensive understanding through the relevant theories in terms of background characteristics of managers,managers' overconfidence,debt financing decision,enterprise value and so on.Under the condition of fully combining China's national conditions,based on Chinese cultural context and management practice,The relationship between the existing analysis,this article builds a corresponding theoretical model after analysing the contact between variables,through bold assumptions,and strive to find the internal relationship between different factors.At the same time,this article also analyzed the Shanghai and Shenzhen A-share stock trading enterprises in 2013 and 2015,and screened the indicators consistent with the sample of the company.How far from the linear regression model was used to analyze the relationship between the self-confidence and the enterprise.The relationship between the mining,from the perspective of debt financing,managers overconfidence and the role of the relationship between the value of a series of issues such as in-depth discussion.In this paper,through the empirical analysis of the way,the results show that: First of all,the manager's overconfidence can have an impact on the value of the enterprise,and this relationship is positive correlation,that self-confidence to a certain extent to enhance corporate value,Second,managers overconfidence can have an impact on corporate financing debt decisions,and under this influence,the debt level showed a significant positive related,and managers overconfident enterprises tend to short-term liabilities,indicating that enterprises in debt financing is relatively radical;Third,the over-confident managers and financing decisions between the relationship and the impact of verification through the analysis can be found.corporate debt financing scale in the enterprise managers overconfidence and the relationship between the value of the enterprise,the role played by a mediating role,due to excessive self-confidence managers will be to a large extent the scale of corporate debt,and thus affect the promotion enterprise's value.In view of the above findings,this paper suggests that this paper expands the research of overconfidence and enterprise value,which enriches and consummates the empirical evidence of investment decision and behavioral finance,not only has the value of theoretical research,but also has certain practical significance.